ID: MRFR/F-B & N/2640-HCR | February 2021 | Region: Global | 110 pages
The fortified wine market is expected to garner a revenue of USD 15 billion by 2024 with a CAGR of approximately 2.30% during the forecast period, 2021–2027. Wine is being recognized as one of the major preferences of global consumers when it comes to the target audience attending social events and parties. As per a study that has been put forward by the European Association of Wine Economists and the Chaire Vins et Spiritueux de INSEECU that the wine consumption frequency is increasing at a significant rate in the global market premises. The promotions for the consumption of wine began in May 2020, amid the pandemic.
Consolidation of both on-premises and off-premises followed by the market’s replacement in the form of smaller and quality brands to suit various tastes and preferences that are helping to maintain a proper demand and supply chain mechanism by meeting the needs of the global target audience. These consolidation chains as a part of the fortified wine market are relevant to the global industry standards and promise better returns to the investment plans.
COVID 19 Analysis
Wine has been identified as one of the most drinkable beverages amongst the different groups of people that are present in various market regions. Numerous market factors like its taste, suitability, and product variations amongst others, are responsible for the rise in demand are increasing in the daily lifestyle and routine. However, since the coronavirus outbreak was declared a global pandemic and fatality by the WHO, the market has been witnessing steady yet slow growth since its arrival. During the forecast period of 2019-2024, the temporary and permanent lockdown was imposed and the demand for wine was limited to households only. Also, the manufacturing and production of products were stopped due to the imposition of lockdown. During the unlock period, the manufacturing and production were slow. Major confinement of the demand quantum and disruption in the supply chain mechanism has been experienced majorly in Spain and other parts of the European nations.
The prominent players of the fortified wine market are focusing on product variation and promoting products to fit the customer’s budget and spending capacity during the forecast period of 2019-2024. This is one of the major factors that will help increase the demand and promise better prospects during the period of expanding market operations.
The European culture is witnessing wine as an integral part and this culture is crossing the global boundaries and entering the geography of the Asian countries. The growth of the young population in these locations are including wine as a part of their diet and as a part of occasional drinks. These rising trends are expected to rise and hence, help the market grow at an excellent scale during the forecast period ending in 2024.
The outbreak of the pandemic has brought forward various kinds of issues for the market functioning during the forecast period that ends in 2024. The arrival of the pandemic has adversely affected the sale of hotels and they have experienced a dip in their sales volume by 77%. Also, the overall turnover has experienced a 60% dip. The restaurants’ chain was non-functional for a major time and hence, the sales were affected by 91%.
The prominent market players are experiencing a hike in sales owing to the establishment of direct relationships and professional terms with the customers. This shift is helping to boost the demand for specialist wine trade in the market and reports an increase in the quantum of sales during the period that will be ending in 2024.
The fortified wine market has been divided all across the globe based on the below-mentioned market segments:
Based on the Product Type
The fortified wine market has been segmented based on the product type and includes the following:
Based on the Distribution Channel
The fortified wine market has been segmented based on the distribution channel and includes the following:
Based on the Region
The market has been divided in the global market into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
The fortified wine market has been divided all across the globe. The market is purely functional in mushrooming market regions that are inclusive of the North American region, the Asian Pacific region, the European countries, the Latin American region, and the Middle East and African region.
Europe, as a part of the fortified wine market, is projected to emerge as the dominant market force in the market during the historic forecast period that had ended in 2019 and is expected to maintain its dominance throughout the forecast period that ends in 2024. The region’s dominance can be attributed to the high consumption of wine by the target audience that is in the region. The major country-level markets contributing to the growth of the European countries’ fortified wine market are France, Italy, Portugal, and Spain.
The most prominent major key players in the global fortified wine market across the globe are mentioned below:
This global fortified wine market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the fortified wine market in the global market along with the factors that restrict its growth in the global market. The impact of COVID 19 on the fortified wine market across the globe is mentioned. The future growth rate in the fortified wine market during the forecasted period is estimated and mentioned.
Frequently Asked Questions (FAQ) :
Fortified wine market is projected to grow at a 2.30% CAGR between 2021-2027.
Europe is expected to dominate the fortified wine market.
Fortified wine market is predicted to touch USD 15 billion by 2027
Different types of fortified wine include vermouth, sherry, port, and others.
Increasing production and introduction of innovative flavors are the key factors driving the fortified wine market.